Emerging Trends in Blockchain and Bitcoin App Development

Partner Post - Octal IT Solutions Technology Outsourcing Simplified

Posted: October 30, 2017

Today almost all industrial verticals require bitcoin app developers and bitcoin app development solutions. The solutions affixed with the Blockchain are actually out stepping the prescribed standards and statistics and are quite in very much demand.

By now, the bitcoin app development is ruling the entire payment landscape, and will continue to bloom in 2018 as well. Of late, bitcoin introduced the blockchain technology that can now be said as the major confines for storing and processing the transactions.

Needless to say, bitcoin brought the blockchain, but is now expanding its peripherals. Plentiful of the companies are getting into the concept of developing the shared ledger ecosystems that are not linked to the bitcoin with any perspective.

According leading mobile app developer Octal IT Solution, in the coming time, while the bitcoin app development will continue to explode, the dominance of blockchain technology had also ignited to a great extent. Thus, keep reading the post for identifying the top trends of the blockchian technology.

The emergence of smart contracts

As the name suggests, the contracts are getting smarter. Now when it comes to contracts, they can be anything such as business contact, academics certificates, fund collection etc.

Now what is a Smart Contact?

It is basically a tiny program that is settled and executed on the blockchain. Now, the question that arises here, why would business do such a big thing for signing the contracts, simple because the blockchain provides the below three major benefits:

  1. Un matched security
  2. Very fast execution
  3. Distributed system

So, you can write smart contacts for performing distinctive amount of functions, but they are only executed, only when the conditions are satisfied. The smart contracts contain a digital asset that is released only when the conditions are met.

Continue to understand the aforementioned concept with the below examples:

You can dispatch a digital asset, for instance an online certificate course, only when the digital amount paid equals with the specified amount, and all the lessons done.

You can release the funds, collected by the specified donors on the confirmed date. In case, the amount does not reaches adhering to the time standards, all the payments are reverted back to the respective donors.

The above example clearly says that the concept of smart contracts is really very useful and is capable enough to meet the diverse business requirements.

The landscape of smart contracts narrated above is very basic. They are actually governing all the ways businesses used to execute the programs. The ideation of storing the digital assets on the blockchain is itself a complete full room of opportunities.

Ethereum

It can be called as the second level of bitcoin. Generally called as the bitcoin 2.0, it is far much efficient when compared with the bitcoin. The only variation that exists among Ethereum and Bitcoin is that, Bitcoin is just a currency and is nothing more than that whereas Ethereum can be defined as the ledger technology that can be used to develop new and reliable programs. Both of them operate on blockchain” technology, however, Ethereum comes out to be the clear winner in the race.

If Bitcoin can be said as 1.0, Ethereum is 2.0 that set the standards for building very excellent decentralized applications. It comes with its own programming language that allows the developers to write the smart contacts.

The smart programs or the contracts are then interpreted by EVM Ethereum Virtual Machine. The EVM Processes the contracts further, with the all the rules that are set by the developer.  These nodes are then placed on the blockchain.

Therefore, Ethereum comes to be the top emerging name for developing smart contracts. One more reasons that justifies the Ethereum technology, is that when the developers build the smart application with it, it accolades them with the ether (the premium currency of Ethereum).

Retail bitcoin solutions will continue to grow

Undeniably, the bitcoin app development can be said as the money making titan for the retailers. This evolving trend had opened the doors for the app developers like Octal IT Solution for building unique and improvised bitcoin application for the existing business verticals.

Since more and more merchants are jumping into the sea of making bitcoin transactions, hence it is imperative to develop the unique bitcoin mobile applications that are associated with individual security parameters. The bitcoin wallet does not store bitcoins but they store the private keys that are required to access the bitcoins.

Till now, there are 100 or more companies that use bitcoins for transactions. Plentiful of companies are adopting the idea of bitcoins for making money and the trend will continue to dominate in the future as well. Hence, the world will see a massive rise in the bitcoin app development for making huge money and revenues.

The Blockchain networks

Now here when we talk about the blockchains, they can majorly be of two types: public or non-public networks. A public network allows limited access, but the users accessing it are not limited.

According to a recent study, the usability criteria of the bitcoins will probably augment, if their networks are made public. But in some of the cases, private bitcoin cases can come into scene. So, let’s understand the concept with the help of example.

The banks can use the bitcoin networks for setting and managing the currencies, that is owed by the bank employees only.

In the corporate environment, where the different teams are allowed to access a particular information.

Consortium Blockchains:

This is a common architecture in the blockchain landscape. Here the blockchains are shared between the multiple parties. For eg, the insurance parties can have the shared blockchains, government agencies can have them as well, for storing the data etc. Hence, the scenarios that can be framed are actually very high.

Therefore depending on the industrial requirements and the complexity of the data, one must select the particular blockchain network.

Looking at the above stated trends the current market standards will drive investments into the blockchain technology and Bitcoin App Development. Both are likely to bloom in the coming future and can emerge as the most dominant way for making money.

If you would like to discuss more about Bitcoin mobile app development OR , mobile development experts at Octal IT Solution are ready to help you. You can reach them at the following email.